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MSE News: House prices show biggest annual growth in two years

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Former_MSE_Helen
Former_MSE_Helen Posts: 2,382 Forumite
in House buying, renting & selling
"House prices saw their biggest year-on-year growth in more than two years in February, says Halifax..."
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House prices show biggest annual growth in two years

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Comments

  • poppy10_2
    poppy10_2 Posts: 6,575 Forumite
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    1.9% per year is still lower than the CPI/RPI. If wages were rising in line with inflation this would be a real-terms fall in house prices.
    poppy10
  • martinsurrey
    martinsurrey Posts: 3,368 Forumite
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    poppy10 wrote: »
    1.9% per year is still lower than the CPI/RPI. If wages were rising in line with inflation this would be a real-terms fall in house prices.

    but wages have only risen by 1.3% in 2012

    http://www.ons.gov.uk/ons/key-figures/index.html

    so a real increase in house prices compared to wages.

    a house is cheaper now measured in loaves of bread, but not in terms of income multiples.
  • zerog
    zerog Posts: 2,478 Forumite
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    What's the rise (or maybe even fall) if houses in London (+/- south east) are not included?
  • poppy10_2
    poppy10_2 Posts: 6,575 Forumite
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    zerog wrote: »
    What's the rise (or maybe even fall) if houses in London (+/- south east) are not included?
    I think the Halifax regional data is only updated quarterly - this is from Q4 2012:

    swFDmxd.png
    poppy10
  • Tancred
    Tancred Posts: 1,424 Forumite
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    Where I live, in Berkshire, asking prices are rising relentlessly. Of course this doesn't mean that sales are forthcoming at those prices, but the number of properties on the market is very low. Competition is forcing buyers to offer more for houses that are not really worth the money.
  • Old_Git
    Old_Git Posts: 4,744 Forumite
    First Post First Anniversary Mortgage-free Glee! Cashback Cashier
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    Northern Ireland -18%.I think I will keep my money under the mattress a bit longer
    "Do not regret growing older, it's a privilege denied to many"
  • HAMISH_MCTAVISH
    HAMISH_MCTAVISH Posts: 28,592 Forumite
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    Scotland +6.7%.

    Nice. :)
    “The great enemy of the truth is very often not the lie – deliberate, contrived, and dishonest – but the myth, persistent, persuasive, and unrealistic.

    Belief in myths allows the comfort of opinion without the discomfort of thought.”
    -- President John F. Kennedy”
  • marathonic
    marathonic Posts: 1,778 Forumite
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    I've just recently bought in Northern Ireland. Have to take the plunge sometime and I'd rather avoid the bidding wars on the way up. I may not have timed the bottom but I don't think I'm too far away.

    The thing about Northern Ireland is that a lot of places are cheaper to buy than rent (in the sub £125k bracket).

    Therefore, in buying, you're saving money every month compared to renting (very little in it though according to my calculations for my own house when including 1% of property value for annual maintenance).

    Also, regardless of salary inflation, the mortgage debt is being eroded away.
  • HAMISH_MCTAVISH
    HAMISH_MCTAVISH Posts: 28,592 Forumite
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    poppy10 wrote: »
    1.9% per year is still lower than the CPI/RPI. If wages were rising in line with inflation this would be a real-terms fall in house prices.

    Other indices such as Acadametrics or ONS are showing prices rising in real terms.

    http://forums.moneysavingexpert.com/showthread.php?t=4485757
    “The great enemy of the truth is very often not the lie – deliberate, contrived, and dishonest – but the myth, persistent, persuasive, and unrealistic.

    Belief in myths allows the comfort of opinion without the discomfort of thought.”
    -- President John F. Kennedy”
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